Nasdaq stretches to record highs, lifted by Apple, Amazon

By Jonathan Garber FOXBusiness

Stocks looking to continue the momentum from the best August in 36 years.

Stocks hit record highs Tuesday, building on the momentum from the best August in 36 years.

The Dow Jones Industrial Average gained 79 points, or 0.29%, while the S&P 500 and the Nasdaq Composite hit new records and were higher by was 0.4% and 1%, respectively.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28505.73+75.68+0.27%
SP500S&P 5003508.43+8.12+0.23%
I:COMPNASDAQ COMPOSITE INDEX11883.488722+108.03+0.92%

The S&P 500 booked its best August since 1984 while the Dow Jones Industrial Average recorded its best August since 1986 as both rallied over 7%. The Nasdaq, meanwhile, recorded its best August since 2000, rising 9.6 percent.

Looking at stocks, Tesla Inc. shares were in focus after the company announced plans to raise up to $5 billion through a stock offering. Shares gained 13% on Monday, the first day of trading since the stock split 5-for-1.

Meanwhile, Apple Inc. has asked suppliers to build at least 75 million 5G iPhones, Bloomberg reported, citing sources. Shares gained 3.39% on Monday, the first day of trading following their 4-for-1 split.

TickerSecurityLastChangeChange %
TSLATESLA INC.488.86-9.46-1.90%
AAPLAPPLE INC.132.11+3.07+2.38%
ZMZOOM VIDEO COMMUNICATIONS INC.434.54+109.44+33.66%

Zoom Video Communications Inc. reported earnings that more than doubled Wall Street estimates and raised its annual revenue forecast as the work-from-home environment converts more users to its paid subscription service.

Walmart Inc. will launch its $98 per year Amazon Prime competitor Walmart+, the company said on Tuesday. The service offers free same-day delivery and allows customers to check out themselves while shopping in stores via the app.

TickerSecurityLastChangeChange %
WMTWALMART INC.147.81+8.96+6.45%
AMZNAMAZON.COM INC.3,490.77+39.81+1.15%
KODKEASTMAN KODAK CO.7.77+1.79+29.96%

Eastman Kodak Co. disclosed quant hedge fund D.E. Shaw has amassed a position of 3.94 million shares, good for a 5.2% stake. Kodak remains under a U.S. Securities and Exchange investigation related to its disclosure of a $765 million loan to aid its pivot in the generic drug business.

Looking at commodities, gold climbed $2.70 to $1,981.30 an ounce and West Texas Intermediate crude oil added 74 cents to $43.35 per barrel.

U.S. Treasurys slid, causing the yield on the 10-year note to climb by 2.3 basis points to 0.716%.

In Europe, Germany’s DAX was trading higher by 0.32% while France’s CAC edged up 0.05%. Britain’s FTSE was closed for holiday.

Asian markets finished mixed with China’s Shanghai Composite advancing 0.44%, Hong Kong’s Hang Seng ticking up 0.03% and Japan’s Nikkei slipping 0.01%.

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